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DataTracks India participated in a consultative meeting of XBRL software vendors, organized by Ministry of Corporate Affairs, Government of India, in New Delhi on 8th August 2012. The meeting was organized to bring XBRL software vendors into a single forum to discuss on the 2012 XBRL taxonomy and business rules released by MCA. The meeting provided a platform to exchange ideas on improving the quality of XBRL filings for the current year, and to identify the support required from MCA for the same. Representatives from over 15 companies attended the meeting.

DataTracks actively participated in the discussions, and also volunteered to provide MCA a sample XBRL instance document intended for release as reference. Apart from this, the other discussions were related to the dates for release of validation tool, the taxonomy for cost audit report, and the completeness of taxonomy and business rules and the usage of dimensions during tagging. Suggestions were also made for integrating the MCA’s validation tool with vendors’ XBRL software through a plug-in to simplify the validation process.

The meeting was very informative and helped DataTracks gain greater understanding of MCA’s expectations. “We thank MCA for giving us this opportunity to share our feedback. We firmly believe that our feedback and contribution will make XBRL adoption in India, a success as envisaged by MCA,” said Balaji Muthukrishnan.

About DataTracks India: DataTracks India is owned by DataTracks Services Limited (www.datatracksglobal.com), leaders worldwide in preparation of financial statements in XBRL format for filing with regulators. DataTracks has prepared more than 60,000 statements (in ASCII, HTML and the more recent XBRL format) for filing with Securities Exchange Commission in the United States in the last five years.